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2019 (8) TMI 69 - AT - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor - Section 7 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- As per the Financial Creditor the account of the Corporate Debtor was declared as Non-Performing Asset (NPA) with effect from 1st December, 2015. The Corporate Debtor having defaulted, the Financial Creditor issued notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) on 24th April, 2017. Inspite of that payment having not made, action was taken under Section 13(4) of the SARFAESI Act, 2002 on 27th July, 2017. The Appellant has not disputed that the Corporate Debtor defaulted in paying the debt (loan amount). The only ground is taken is about the dispute relating to quantum of payment - even if the loan amount is disputed as we find that the amount is more than Rupees One Lakh (in present case more than ₹ 75 Crore), we hold that the application under Section 7 was rightly admitted by the Adjudicating Authority. Appeal dismissed.
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